HKT

• Beneish M-Score = 0.0231 (measures likelihood of earnings manipulation using eight ratios); this is at the 93rd percentile among Vietnamese peers (higher = more aggressive accounting) and rose by +1.10 year-over-year (the trajectory moved notably this year).
• DSRI = 2.5619 (days’ sales receivables index; high values indicate receivables/sales are growing faster than sales and can signal revenue recognition or collection issues).
• DEPI = 2.7084 (depreciation index; values >1 indicate slowing depreciation rates or capitalization changes that can inflate earnings).
• SGAI = 10.0000 (selling, general & administrative index; very large value indicates SGA expenses fell sharply relative to sales or were reclassified/capitalized).
• TATA = 0.8033 (total accruals to total assets; a high positive number indicates earnings are driven by accruals rather than cash).
• Earnings-Quality Score = 5.7/100 with Accruals quality = 0.0/100 and Cash conversion = 0.0/100 (measures how much reported profit is supported by cash and conservative accruals; these scores indicate very poor conversion of profit into cash and low accruals quality).
• Three-year cash conversion (operating cash flow / net profit) = -65.20 (0th percentile among Vietnamese non-financials; indicates profits have not turned into operating cash over three years).

• Receivables outside the trade cycle = 2.0% of total assets (49th percentile among Vietnamese peers; this shows non-trade receivables/prepayments/loans receivable are not unusually large as a share of assets).
• Accumulated losses: none (undistributed earnings are not negative) and Owner's equity (excluding minority interest) is positive (these are balance-sheet level signals of solvency).
• Statutory loss tests (Decree 155/2020 Art.120(1)(e), amended by Decree 245/2025) — none met (the audited FY2025 statements do not meet the exchange’s statutory loss criteria for cancellation).
• Director-deal registrations over 2025-10-30 to 2026-10-30 show 0 sale registrations and 3 purchase registrations totalling 40,000 shares (net registered +0.12% of shares outstanding), which are intentions registered with the exchange rather than executed trades.

Ownership is highly concentrated: Vi Thị Dung holds 60.3% and the next largest holder, Dương Thị Chín, holds 21.0%; four other individuals hold small stakes (4.2%, 4.2%, 3.6%). This concentrated, individually-held control suggests related-party and group transactions and insider decisions can materially affect reported results.

• Compare FY2025 'Receivables and prepayments' schedule to the related-party transactions note to identify any large prepayments or loans to related parties and whether these are included in the 2.0% of total assets.
• Reconcile the components of operating cash flow in the cash flow statement with the income statement to explain the three-year cash conversion ratio of -65.20 (show line items for changes in working capital and non-cash adjustments).
• Locate the fixed-asset and depreciation note to verify the drivers of DEPI = 2.7084 (check for changes in useful lives, revaluations, additions/capitalizations or policy changes).
• Inspect the SGA breakdown and accounting-policy note to explain SGA index = 10.0000 (look for expense reclassification, one-off reversals, or capitalization of selling/administrative costs).